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Wilbur Ross Jr., Chairman and CEO of WL Ross & Co., speaks at the NanoBusiness Alliance Conference in this April 17, 2007 file photo in New York.
Wilbur Ross Jr., Chairman and CEO of WL Ross & Co., speaks at the NanoBusiness Alliance Conference in this April 17, 2007 file photo in New York.
(MARK LENNIHAN/THE ASSOCIATED PRESS)

Wilbur Ross using new IPO to fund asset purchase

A new company created by U.S. private equity billionaire Wilbur Ross is turning to the equity markets to fund a deal he has yet to strike.

Mr. Ross launched an initial public offering for WL Ross Holding Corp. on Friday, and he will be the firm’s chief executive. The company is just a shell right now, but plans to use the funds from its IPO towards buying an asset in the next several months. The so-called “blank cheque” company has no clear business plan other than to engage in a merger or acquisition with an unidentified company.